An unknown Ethereum address has transferred almost 25 trillion Shiba Inu tokens worth over $250 million from a top crypto exchange to a self-custody wallet, according to on-chain data reported by crypto analytics firm Santiment.
The SHIB tokens were moved from an Ethereum address categorized by Etherscan as belonging to US crypto exchange Crypto.com to a new wallet.
The transfer was made in six different transactions and the whale has been amassing ETH rapidly since March 1st, possessing 992 ETH alongside its now 25 trillion SHIB.
Shiba Inu Transfer Is 3rd Largest In The World
According to The Daily Hodl, the massive transfer to the cold storage makes it the third largest Shiba Inu wallet in the world and the biggest that has not been identified as belonging to an exchange.
Statistics collected by WhaleAlert shows that the largest transaction it recorded involved the transfer of 4.1 trillion SHIB tokens to an unidentified wallet for around $45 million.
It is not clear whether the transactions are being carried out by Crypto.com, which is moving its SHIB to a new wallet, or whether they are being made by another whale who is relocating their tokens.
In a 24-hour span from Monday and Tuesday, the Shiba Inu burn tracking site Shibburn witnessed an explosion in SHIB’s burn rate, with the dog-inspired token incinerating a whopping 453 million coins – marking an unprecedented 1,317% surge.
Image: Gfinity
SHIB Burning: Community-Driven Initiative
The act of “burning” Shiba Inu tokens refers to the process of sending them to an address without any retrievable private key, making them effectively unusable and removing them from circulation permanently.
This is often done to help control inflation and increase the value of the remaining tokens by reducing the total supply in circulation. In the case of Shiba Inu – the world’s second largest meme coin – burning tokens is a community-driven initiative aimed at increasing the value of the cryptocurrency.
Additionally, it is also believed to be a nod to the tradition of burning paper money as a form of offering to ancestors in some Asian cultures.
Excitement On Shibarium Launch
Meanwhile, the Shiba Inu community is also excited about the beta launch of Shibarium, the ecosystem’s layer-2 protocol built on top of Ethereum, similar to Polygon.
The Shiba Inu community is on the rise as they continue to explore new avenues for growth. Last week, SHIB’s beta version was released, providing an opportunity for beta testers to get a glimpse of the testnet.
SHIB total market cap now a little over $6 billion on the daily chart at TradingView.com
Shytoshi Kusama: Hunting For ‘Bugs’
The highly anticipated Shibarium, a layer-2 protocol built on top of Ethereum (ETH), similar to Polygon (MATIC), is still in beta, and according to the pseudonymous SHIB developer Shytoshi Kusama, it may remain so for two to four months as the team focuses on building more effective systems and tracking for “bugs.”
These developments have sparked a new wave of enthusiasm and curiosity amongst the Shiba Inu community.
The launch of Shibarium and the recent transfer of SHIB tokens reflect the community’s sustained interest and growing importance in the cryptocurrency world.
It will be interesting to see how these developments impact the future of Shiba Inu and its adoption rate.
-Featured image from The Market Periodical